Dubai-based Awali Real Estate Investments yesterday launched four towers – two residential and two commercial – in Awali City on Emirates Road in Ajman, the developers said in a statement.
"The launch of these four new towers is a step toward addressing the increasing demand for residential and commercial units in Ajman. The demand for real estate, especially in the residential and commercial sectors, has been growing significantly over the last few years, prompting developers to launch mega projects in the emirate in order to fill the gap between supply and demand," said Mohammed Hussein Abdullah Al Nemer, board member and Chief Marketing Officer for Awali Real Estate Investments.
"The real estate boom in the UAE is accompanied by the continuous efforts of the Ajman government to maintain this momentum in the real estate market. The government has developed a sound and sustainable infrastructure and reformed its legal system to provide the necessary facilities and incentives for investors, in a bid to make Ajman one of UAE's fastest-growing emirates," he added.
The two residential towers – called Mashrabia Residence – is a freehold project. Each of the tower will comprise 25 levels with 12 one-bedroom apartments and four two-bedroom apartments on each level, amounting to a total of 800 apartments. The towers are scheduled for completion by the end of 2011.
Chevron Commercial Towers will comprise 25-storeys with each tower having 304 office spaces.